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2023 (7) TMI 860 - AT - Income TaxDeduction u/s. 80P - Assessee is in the business of providing credit facilities to its members - HELD THAT:- It is pertinent to note that the assessee has earned interest income from deposits held with Nationalized Banks and thus, the contention of the assessee that the assessee is eligible for deduction u/s 80P(2)(a)(i) appears to be incorrect in light of the decision of State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] - As relates to the pro-rata expenses for earning interest income the contention of the Ld. A.R. appears to be genuine and in light of the decision of Dhanlaxmi Credit Co-op. Society Ltd. [2017 (1) TMI 1601 - ITAT AHMEDABAD] it will be appropriate to remand back this issue thereby directing the Assessing Officer to verify the assessee’s claim of pro-rata expenses by examining the record which has to be shown for verification by the assessee - Appeal of the assessee is partly allowed for statistical purpose.
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